Technology, Cyber & Multimedia Insurance

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Technology, Cyber & Multimedia Liability

Victor’s liability insurance program protects individuals and their businesses against allegations of wrongful acts in the provision of their products or services, as well as a broad range of cyberrisks.

Eligibility - Information Technology and Cyber

Coverage is available for the following IT businesses:

  • Application service providers
  • Computer consultants
  • Custom programmers
  • Data processors
  • Internet service providers
  • Software developers
  • System designers
  • System integrators
  • Value-added resellers
  • Web designers
  • And other IT businesses

Eligibility - Multimedia

  • Businesses with a hybrid of traditional media and information technology exposures
  • Canadian domiciled companies
  • A sample list of clients could include, but is not limited to:
    • Graphic design firms
    • CD-ROM production companies
    • Video production companies
    • Advertising agencies
    • Web design firms
    • Printers
    • Publishers
    • Marketing agencies
    • Advertising or marketing consultants

Eligibility - Information Technology for Small Firms

Coverage is available for individuals or companies providing professional services with annual fees of $3,250,000 or less:

  • Computer consultants
  • Custom programmers
  • Data processors
  • Software developers
  • System integrators
  • Value-added resellers
  • Web designers
  • And other IT businesses

Eligibility - Hardware Manufacturers  

Coverage is available for Canadian-based companies that manufacture, design, assemble, distribute, maintain and service the following:

  • Computer and Electronics Products
  • Communications Products
  • Electronic Machinery and Equipment
  • Electronic Instruments
  • Services 

Please note: The availability of coverage for some of these classes will be governed by acceptability of individual risks based on the end-use of the applicant’s products.

Policy Features, Coverage Details and Additional Coverages Available

Policy Features

  • Cyberextortion Payment - should your business’ data or computer system be hijacked for ransom
  • Social Engineering Fraud - resulting in a loss of money or assets due to phishing or electronic scams
  • Breach Reward Expenses - reimbursement of up to $10,000 for information leading  to the arrest and conviction of an individual(s) regarding a breach of your business’ computer system
  • Loss Mitigation Costs - up to $250,000 to reproduce printed or electronic material for the prevention or mitigation of a loss
  • Regulatory Fines and Proceedings - reimbursement for fines and proceeding costs relating to privacy breaches 
  • Payment card industry fines and penalties - reimbursement for fines and penalties relating to e-commerce activities such as the processing of credit cards
  • Contingent Business Interruption - up to $25,000 should your business’ computer system or network go down due to a breach at the outsourced data centre or other premises where your business’ computer system is managed by a third party
  • Other Features:
    • Broad definition of Insured services extended to media-related and manufacturing service
    • Extends to first and third party cyberrisks
    • Cyberbreach Coach (a designated legal firm, ensures continued privilege and support further to a breach)
    • Zero deductible for qualifying risks
    • Defence costs in excess of the limits
    • True WORLDWIDE coverage
    • Coverage for bodily injury and property damage arising out of professional services eliminates potential gaps in coverage
    • Liability against damages resulting from criminal acts committed by a rogue employee
    • Compensatory damages as well as punitive and exemplary damages, unless uninsurable by law
    • First party contingent business interruption
    • Independent contractors and volunteers automatically added as insureds
    • Liability against damages resulting from a delay in the performance of a contract or agreement due to a wrongful act
    • Multi-year policies

Coverage Details

  • Policy Form – Claims-made and reported
  • Policy Period – Annual policies and multi-year policies
  • Territory – Services rendered worldwide
  • Coverage – Includes first and third party cyberrisk protection

Additional Coverages Available

  • Employment practices wrongful act liability coverage endorsement available for firms with less than 50 employees

Submission Requirements